Shares of Brightcom Group hit the 5 per cent upper circuit at Rs 168.38 on the BSE in intraday trades on Monday backed by notable volumes. The stock was locked at the sixth straigth upper limit today, having gained 33 per cent during the period.
The stock has jumped nearly five-fold in just three months after Shankar Sharma, vice chairman & joint managing director at First Global acquired stake in the company via the perferrential route. The company had alloted 15 million warrants at Rs 37.77 per share converitble into equity shares on a preferentail basis to Shankar Sharma in September 2021.
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On September 16, 2021, Brightcom Group had announced the allotment of 140.15 million equity shares to foreign portfolio investors (FPIs) and other investors through a preferential allotment at a price of Rs 37.77 per share.
Recently, the Hyderabad-based adtech company had acquired 100 per cent of digital marketing firm MediaMint in a cash-and-stock deal of about Rs 566 crore. According to the definitive agreement, MediaMint shareholders will get Rs 360 crore in cash, Rs 170 crore in Brightcom stock and Rs 36 crore will be paid within six months from closing of the deal.
Today, on Monday, as of 14;40 hrs, the stock was locked at the maximum upper limit, with trades of around 6.78 lakh shares on the BSE, and pending buy orders for 2.15 lakh shares.
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